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Phillip Morris (PM; A2, A-; S) Subpoenaed, Zyn.com sales suspended

CONSUMER STAPLES
  • Swedish Match North America (subsidiary under PM) has received a subpoena from Attorney General of the District of Columbia asking for information on compliance with it's ban on the sale of flavoured products as it relates to ZYN nicotine pouches.
  • PM goes on to add; "Our preliminary investigation indicates that there have been sales of flavoured nicotine pouch products in D.C., predominantly related to certain online sales platforms and some independent retailers. In the event of an unfavourable outcome related to this matter, a material liability is reasonably possible though not estimable at this time."
  • As a result it has suspended ZYN.com sales but it adds that this segment "have represented a very small percentage of nationwide ZYN volumes since PMI’s acquisition of SMNA.".
  • We don't have online figure but FY23 results show Swedish Match as 18% of sales & 14% of operating income. Unclear how much is US tied in the group but we see 50% of shipment volume to US (most of the rest in Snus to Scandinavia & Moist Snuff).
  • Reminder Swedish Match was acquired for $16b in 2022 for it's Oral Tobacco/non-combustibles exposure and ex. that PM exposure to the US is negligible.
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